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news.UK-based drug delivery specialist SkyePharma has entered into an agreement to develop a controlled-release version of First Horizon's blood pressure drug Sular.
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The SkyePharma-developed version of the drug is designed to have an improved pharmacokinetic profile and is expected to replace the current version and to expand the market opportunity for Sular.
SkyePharma will receive a “mid-single digit royalty” on net sales of Sular controlled-release (CR). The company will also receive a total of up to $5 million in milestone payments – $1 million has been paid at signing and up to $4 million will be paid upon FDA approval, which is expected in 2008.
First Horizon will fund all of SkyePharma’s development costs for Sular CR and will market this product through its specialty sales force.
“SkyePharma’s core competency is the development of improved formulations of existing products. This new agreement reinforces our activities in this area now that we are focusing on our core business of oral and inhalation products,” said Frank Condella, SkyePharma’s CEO.